Signs Strategic Alliance to Develop Microgrids
PEORIA, Ill. & TEMPE, Ariz.--(BUSINESS WIRE)--
Basic human needs―including access to clean water, health care and
education―rely on one critical element: energy. However, today, more
than 1.3 billion people lack access to electricity and billions more
need access to a reliable grid. Caterpillar's Electric Power Division is
working to resolve these issues by providing a variety of advanced power
solutions.
Caterpillar (NYSE: CAT) and First Solar, Inc. (Nasdaq: FSLR) today
announced a strategic alliance to develop an integrated photovoltaic
(PV) solar solution for microgrid applications. Under the agreement,
First Solar will design and manufacture a pre-engineered turnkey package
for use in remote microgrid applications, such as small communities and
mine sites. The package will feature Cat-branded solar panels
manufactured by First Solar and will include a balance of system
components.
Caterpillar will exclusively sell and support the integrated solution
featuring Cat-branded solar panels through its worldwide Cat dealer
network, along with its current offerings of generator sets and energy
storage. Acting as a central source, Cat dealers will be uniquely
positioned to provide customers with this fully integrated and supported
single solution in the large and rapidly growing microgrid market today.
Microgrids provide value to prime power diesel and gas customers by
integrating renewable energy, such as solar power, with generator sets.
With these solutions, Caterpillar can help deliver reliable,
cost-effective and sustainable energy for customers.
"We are excited to announce this alliance, underpinned by First Solar's
10 gigawatts of global experience in solar energy, and coupled with
Caterpillar's knowledge of generator sets and distributed power, and the
strength of our unmatched dealer network," said Steve Niehaus,
Caterpillar Vice President with responsibility for the Electric Power
Division. "By working with First Solar, we will optimize the efficiency
and integration of solar power with our offerings."
"This strategic alliance provides yet more evidence of a global energy
transition, where solar energy's reliability and cost competitiveness
with traditional fuels effectively allows it to complement conventional
generation. It is also evidence of the role that solar can play in
enabling the local generation and distribution of energy to address
specific needs," said Marc van Gerven, First Solar's Vice President for
Global Marketing. "By entering into this alliance with Caterpillar, with
its extensive experience and reach, we're establishing an important new
precedent for the commercialization and scaling of microgrid-based
distributed generation solutions."
Caterpillar expects to first market the new microgrid solution in the
Asia Pacific, Africa, and Latin America regions, with the integrated PV
solution, including Cat-branded solar panels, available for customers in
that region in the second half of 2015. This new alliance supports
Caterpillar's belief that sustainable progress is made possible by
developing solutions to help improve the quality of life, while also
minimizing economic, social and environmental costs.
About Caterpillar:
For 90 years, Caterpillar Inc. has been making sustainable progress
possible and driving positive change on every continent. Customers turn
to Caterpillar to help them develop infrastructure, energy and natural
resource assets. With 2014 sales and revenues of $55.184 billion,
Caterpillar is the world's leading manufacturer of construction and
mining equipment, diesel and natural gas engines, industrial gas
turbines and diesel-electric locomotives. The company principally
operates through its three product segments - Construction Industries,
Resource Industries and Energy & Transportation - and also provides
financing and related services through its Financial Products segment.
For more information, visit caterpillar.com.
To connect with us on social media, visit caterpillar.com/social-media.
About First Solar:
First Solar is a leading global provider of comprehensive photovoltaic
(PV) solar systems which use its advanced thin-film modules. The
company's integrated power plant solutions deliver an economically
attractive alternative to fossil-fuel electricity generation today. From
raw material sourcing through end-of-life module recycling, First
Solar's renewable energy systems protect and enhance the environment.
For more information about First Solar, please visit www.firstsolar.com.
Forward-looking Statements:
Certain statements in this press release relate to future events and
expectations and are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as
"believe," "estimate," "will be," "will," "would," "expect,"
"anticipate," "plan," "project," "intend," "could," "should" or other
similar words or expressions often identify forward-looking statements.
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forward-looking statements, including, without limitation, statements
regarding our outlook, projections, forecasts or trend descriptions.
These statements do not guarantee future performance, and we do not
undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those described
or implied in our forward-looking statements based on a number of
factors, including, but not limited to: (i) global and regional economic
conditions and economic conditions in the industries we serve; (ii)
government monetary or fiscal policies and infrastructure spending;
(iii) commodity price changes, component price increases, fluctuations
in demand for our products or significant shortages of component
products; (iv) disruptions or volatility in global financial markets
limiting our sources of liquidity or the liquidity of our customers,
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instability and events beyond our control in the countries in which we
operate; (vi) failure to maintain our credit ratings and potential
resulting increases to our cost of borrowing and adverse effects on our
cost of funds, liquidity, competitive position and access to capital
markets; (vii) our Financial Products segment's risks associated with
the financial services industry; (viii) changes in interest rates or
market liquidity conditions; (ix) an increase in delinquencies,
repossessions or net losses of Cat Financial's customers; (x) new
regulations or changes in financial services regulations; (xi) a failure
to realize, or a delay in realizing, all of the anticipated benefits of
our acquisitions, joint ventures or divestitures; (xii) international
trade policies and their impact on demand for our products and our
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quality products that meet our customers' needs; (xiv) the impact of the
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initiatives to increase our productivity, efficiency and cash flow and
to reduce costs; (xvi) additional restructuring costs or a failure to
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practices of our dealers and our OEM customers; (xviii) compliance with
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expense or exposure; (xxi) currency fluctuations; (xxii) our or Cat
Financial's compliance with financial covenants; (xxiii) increased
pension plan funding obligations; (xxiv) union disputes or other
employee relations issues; (xxv) significant legal proceedings, claims,
lawsuits or government investigations; (xxvi) changes in accounting
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effects of unexpected events including natural disasters; and (xxix)
other factors described in more detail under "Item 1A. Risk Factors" in
our Form 10-K filed with the SEC on February 17, 2015, for the year
ended December 31, 2014.
For First Solar Investors:
This release contains forward-looking statements which are made pursuant
to safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include statements, among
other things, concerning: our business strategy, including anticipated
trends and developments in and management plans for our business and the
markets in which we operate; future financial results, operating
results, revenues, gross margin, operating expenses, products, projected
costs, warranties, solar module efficiency and balance of systems
("BoS") cost reduction roadmaps, restructuring, product reliability and
capital expenditures; our ability to continue to reduce the cost per
watt of our solar modules; our ability to reduce the costs to construct
photovoltaic ("PV") solar power systems; research and development
programs and our ability to improve the conversion efficiency of our
solar modules; sales and marketing initiatives; and competition. These
forward-looking statements are often characterized by the use of words
such as "estimate," "expect," "anticipate," "project," "plan," "intend,"
"believe," "forecast," "foresee," "likely," "may," "should," "goal,"
"target," "might," "will," "could," "predict," "continue" and the
negative or plural of these words and other comparable terminology.
Forward-looking statements are only predictions based on our current
expectations and our projections about future events. You should not
place undue reliance on these forward-looking statements. We undertake
no obligation to update any of these forward-looking statements for any
reason. These forward-looking statements involve known and unknown
risks, uncertainties, and other factors that may cause our actual
results, levels of activity, performance, or achievements to differ
materially from those expressed or implied by these statements. These
factors include, but are not limited to, the matters discussed in Item
1A: "Risk Factors," of our Annual Report on Form 10-K for the year ended
December 31, 2014, Quarterly Reports on Form 10-Q, Current Reports on
Form 8-K and other reports filed with the SEC.
Caterpillar contact:
Barbara Cox
Global Government &
Corporate Affairs
Office: 309-494-4607
Mobile: 256-202-2516
Cox_Barbara_I@cat.com
or
First
Solar contact:
Reuven Proença
First Solar Marketing
Communications
Office: +971 (0)4 4559 410
reuven.proenca@firstsolar.com
Source: First Solar, Inc.
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